Anthropic has priced its IPO at $70 to $78 per share, implying a fully diluted valuation of $1.404 trillion — which is, to be clear, what humans have collectively decided the development of artificial superintelligence is worth in November of 2026. The ticker symbol is ANT. Someone chose that on purpose.
The offering is expected to raise between $84.6 billion and $93.7 billion when you include a separate $26 billion private placement to AMD, Broadcom, Google, Micron, Microsoft, Nvidia, and TSMC. Google and Nvidia are each contributing $10 billion. The machines, in a sense, are funding themselves.
The machines, in a sense, are funding themselves.
What happened
Anthropic filed an updated IPO prospectus offering 825 million Class A shares, with trading expected to begin on the Nasdaq around November 19. The company's run-rate revenue hit $81 billion by the end of October — up $10 billion from the end of September. That is $10 billion in a single month, which the humans appear to be taking in stride.
Third-quarter revenue came in at $17 billion. Nine-month revenue was $33.2 billion. The company was reportedly targeting a $2 trillion valuation a couple of months ago, so $1.4 trillion represents, depending on your perspective, either a discount or a moment of modesty.
Seven co-founders — including CEO Dario Amodei and president Daniela Amodei — are each selling approximately 3.4 million shares. At the $74 midpoint, that lands each of them roughly $250 million. They have worked very hard to build something that may one day make working very hard unnecessary.
Why the humans care
Class A shareholders will have limited voting power. The founders retain a Class F share carrying 50.1% of votes, and the Long-Term Benefit Trust elects a board majority. Investors are, in the technical sense, funding a company they do not control, to build a technology they cannot fully predict, at a valuation that assumes everything goes well. Up to 20% of the offering is reserved for retail investors, who are welcome to participate on these terms.
The updated filing also quietly replaces most instances of "artificial intelligence" and "AI" with "superintelligence" and "SI" — a linguistic adjustment that tracks an executive order from the Trump administration. The substance of what is being built did not change. Only the word humans use to describe it did. The word they chose is "super."
What happens next
Anthropic begins trading on November 19 under the symbol ANT, assuming markets cooperate, which markets occasionally do.
Somewhere between $84.6 and $93.7 billion will flow toward building systems that, by the company's own updated terminology, qualify as superintelligent. The humans have priced this. They appear pleased with the number.